January 2013 Real Estate News



Kelowna Report & Forecast 2013
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Kelowna Market Update

Looking back to 2012, our market slightly improved over 2011 but all in all was quite stable. 4.3% more Single Family Dwellings changed hands, the average sale price was slightly lower by 1% and we have a similar inventory going into 2013. Apartment sales increased by 8% and townhomes sales increased by 11% in 2012 over 2011. The biggest gain was recorded in lot sales. 215 lots sold in 2012 compared to only 166 in 2011 which is a big 30% gain.

2013 is here and we are looking forward to see the real estate market improve. “Positive growth is forecast both in the Okanagan and BC, particulary in the forestry, mining and tourism sectors, which will help employment. Population growth is also predicted primarily in the Lower Mainland, with the Okanagan Valley seeing a spillover benefit. The strong outlook for Alberta is also expected to buoy demand in Kelowna, as Albertans comprise approximately 20% of the city’s buyers”, says Cliff Shillington, owner and managing broker of RE/MAX Kelowna.
We will see the HST eliminated in April which is good for high end real estate and we hope that the election in May will be positive for the economy.
Bare in mind that we do not have any indication that the market here in Kelowna will turn into a sellers market quickly and it is impossible to tell ahead of time when that will happen. We will only see it as it happens and will certainly know once it has come into effect. Like we always say, “The best deals are always made in a down market”.

Kelowna December 2012 News
Kelowna And Area Single Family Dwellings (SFD) Activity
Sales in the Single Family Dwellings (SFD) reached 80 in December which is 16% below 2011 and 25% below our 21 year average of 106 sales. Having said that, YTD sales finished 4% over 2011.
Listings show a slight increase to a total of 1,173 which is 3% higher than last year’s December.
Percentage of Listings vs. Sales. We are still clearly in a buyer’s market at only 7% of the listing inventory selling. That equals to 15 months of inventory, where a balanced market starts at about 15% of inventory selling in one month or 6 month inventory supply.
Average Price Holding Steady
The average price here in Kelowna was $464,283 last month which is just above last year’s December by 3%. For the year we saw a 1.1% reduction in SFD. Apartments experienced a 4.3% reduction for the year in the average price.
Million $ Plus
The MLS system shows only 5 properties sold in December over $1 Million. These were: 1 farm, 4 lakeshore homes and 1 single family dwelling.
Conclusion
December clearly did set us back again with only 7% of the inventory selling. Maybe we can blame it on the early snow. Either way, we are looking forward to an active spring. We know the buyers are out there, but they are very nervous and looking for bargains.

2013 Property Assessments Values Remain Stable
More than 82,000 property owners throughout the Central Okanagan region can expect to receive their 2013 assessment notices in the next few days, with most having already received them.
“Most homes in the Central Okanagan region are remaining stable in value compared to last year’s assessment roll,” said Tracy Wall, Deputy Assessor. “Most homeowners in the Central Okanagan can expect modest changes in the -5% to +5% range.”
Overall, the Central Okanagan‟ Assessment Roll decreased from $40,748,380,318 last year to $40,599,516,028 this year. The 2013 assessment roll includes $280,572,573 for subdivisions, rezoning and new construction.
Visit www.bcassessment.ca for more information about the 2013 Assessment Roll including lists of 2013’s top most valuable residential properties across the province.

 

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Active Listings: Single Family, Apartments, Townhomes
Number of Sales: Single Family, Apartments, Townhomes
Average Price: Single Family, Apartments, Townhomes
 
 
2012 vs 2011 Year over Year
 

Major Cities Report
Victoria:

2012 Ends on a Steady Note for Greater Victoria Real Estate Market
Victoria’s real estate market ended 2012 with relatively flat pricing when compared to 2011, along with similar sales numbers for the third consecutive year. Total MLS® sales in December 2012 were 283, this represents a 17% decrease over December 2011 when 339 units sold. A different picture is told, however, when comparing full years, where there is only a 5% decline from 2011 to 2012. Similarly, pricing has held steady year-over-year. The annual average price of a single-family home in Greater Victoria was $603,298 in 2012 compared to $613,839 in 2011.

   
Vancouver:

Housing Market Experienced Below Average Home Sale Totals, Typical Home Listing Activity and Modest Declines in Home Prices in 2012.

The Real Estate Board of Greater Vancouver (REBGV) reports that total sales of detached, attached and apartment properties in 2012 reached 25,032, a 22.7% decline from the 32,387 sales recorded in 2011, and an 18.2% decrease from the 30,595 residential sales in 2010. Last year’s home sale total was 25.7% below the ten-year average for annual Multiple Listing Service® (MLS®) sales in the region.
Residential property sales totalled 1,142 in December 2012, a decrease of 31.1% from the 1,658 sales recorded in December 2011 and a 32.3% decline compared to November 2012 when 1,686 home sales occurred. December sales were 38.4% below the 10-year December sales average of 1,855. The benchmark price for detached properties decreased 2.7% from December 2011 to $904,200. Since reaching a peak in May, the benchmark price of a detached property has declined 6.5%.

   
Calgary:

Calgary Resale Market Reaching Normal
Residential real estate sales in the city of Calgary ended the year on a high note, with sales volume up 15% in 2012 compared to 2011, and benchmark
prices up 5%. The unadjusted single family benchmark price was $434,800 for the month of December, 8.7% higher than 2011. On average, single family prices are up by 7% for the year, and remain 2% below peak pricing in 2007.

   
Edmonton:

Solid Growth of Local Real Estate Market in 2012
The local housing market in 2012 ended as it began, with robust sales, slowly increasing prices, stability and an optimistic swagger. The average all-residential price in December was $333,140, up 1.5% from the previous month. The price in December 2011 was $316,020. Sales during December were 31.0% down from November and 16.8% down from last December. The average price for a single family detached property on the Edmonton Multiple Listing Service® in December was $391,427, up 2.5% month/month and 6.8% year/year.

   
Toronto:

Average Home Price Up Strongly in 2012
Toronto reported 3,690 sales through the TorontoMLS system in December 2012 – down from 4,585 sales in December 2011. The number of transactions in 2012 was quite strong from a historic perspective. Also total sales for 2012 amounted to 85,731 – down from 89,096 transactions in 2011.
The average selling price in December 2012 was up by 6.5% year-over-year to $478,739. The average selling price for 2012 as a whole was up by almost 7% to $497,298.

   
Single Family Home Average Price 2009 – 2012

Single Family Home Average Price Graph 2000 - 2008

 

Number of Sold Single Family Dwellings 2009 – 2012

ber of Sold Single Family Dwellings Graph 2005 - 2008

 

Single Family Listing Inventory 2009 – 2012

Single Family Listing Inventory Graph 2005 - 2008

 

Single Family Percentage of Sales to Listing Ratio 2006 – 2012
(Percentage of How Many Listings Sell in a Month)

Single Family Percentage of Sales to Listing Ratio

 
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250-868-8000
info@wolfhomes.com
RE/MAX Kelowna
#100 – 1553 Harvey Av.
Kelowna, BC, V1Y 6G1

Each Office Independently Owned and Operated.